The Tamil Nadu state government launched the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024. To provide financial assistance to all the male citizens of Tamil Nadu state the Tamil Nadu State Government launched the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024. Under this scheme, the Tamil Nadu State boys can open a savings account in the post office. By opening their interest account in the post office the applicants can develop a habit of saving for their future use. The interest rate under the PPNS scheme is comparatively higher than the normal savings account from any bank in India.
What is Ponmagan Podhuvaippu Nidhi Scheme?
With the main aim of encouraging the habit of saving among male citizens, the Tamil Nadu state government launched the Ponmagan Podhuvaippu Nidhi Scheme. All the citizens of Tamil Nadu State who are above the age of 10 years can open their account themselves or those who are below the age of 10 years can ask their parents to open up account for them. The minimum deposit under the scheme is INR 500 and the maximum deposit is INR 5 lakh. The interest rate under the scheme is 9.70%. All the permanent residents of Tamil Nadu state are eligible to avail the benefits of this scheme.
Also Read: Tamizh Pudhalvan Scheme
Helpful Summary of Ponmagan Podhuvaippu Nidhi Scheme
| Name of the scheme | Ponmagan Podhuvaippu Nidhi Scheme |
| Launched by | Tamil Nadu state government |
| Objective | Provide saving account |
| Beneficiaries | Tamil Nadu state citizens |
| Official website |
Eligibility Criteria
- The applicant must be a permanent resident of Tamil Nadu state.
- The applicant must be a male citizen of the Tamil Nadu state.
- The applicant must Belong to the Economically Weaker Section (EWS).
- The child should not be receiving any other financial assistance for education from the government.
- Only after five years have passed will the petitioner receive this money.
- Your account can only be transferred once in the name of any individual.
Benefits of The Scheme
- The selected applicants under the scheme can open their savings bank account in the post office.
- The Ponmagan Podhuvaippu Nidhi Scheme will encourage the citizens of Tamil Nadu state to do savings.
- With the help of the scheme, the applicants can just submit a deposit of INR 500.
- The interest rate under the scheme is 9.70% annually.
- The interest rate is relatively higher than any other savings account in any bank across India.
Also Read: Madras University Free Education Scheme
Interest Rate
- The interest rate under the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024 is 9.70% annually.
Required Documents
- Identity Proof
- Address Proof
- Education Certificates
- Bank Account Details
- Income Proof.
Contribution Amount
- Minimum Amount to Open the Account: INR 100
- Minimum Annual Deposits: INR 500
- Maximum Annual Amount: INR 5 lakh
Maturity Period
- The maturity period of the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024 is 15 years.
Tax Benefits Under Scheme
- The applications did not have to pay any Tax under the PPNS 2024.
Ponmagan Podhuvaippu Nidhi Scheme Application Process 2024
STEP 1: All the applicants of Tamil Nadu State who want to apply for the scheme firstly can go to the nearest post office branch in the state.
STEP 2: After reaching the nearest post office branch the applicant must take the application form from the concerned official.
STEP 3: The applicant and now start filling out the application form and attach all the required documents on the application form.
STEP 4: After filling out the application form the applicant must quickly review it and apply back to the concerned official.
STEP 5: Once the verification process is done the applicant will become a beneficiary under the Ponmagan Podhuvaippu Nidhi Scheme.
FAQs
Which state launched the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024?
The Tamil Nadu state government launched the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024.
Who is eligible to avail of the benefits of the Scheme (PPNS) 2024?
All the permanent male residents of Tamil Nadu state are eligible to avail the benefits of the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024.
What is the maximum amount to be submitted under the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024?
The applicant can submit the maximum INR 5 lakh under the PPNS 2024.
What is the interest rate under the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024?
The interest rate under the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024 is 9.70% annually.